This paper examines a two-period moral hazard model with an inequality-averse agent. We show how the agent's past performance will help the principal to relax incentive compatibility constraints and how the existence of an inequality aversion of the agent affects a level of wage in each period...

We examine the range of anonymity that is compatible with a Paretian social welfare relation (SWR) on infinite utility streams. Three alternative coherence properties of an SWR are considered, namely, acyclicity, quasi-transitivity, and Suzumura consistency. For each case, we show that a...

Suzumura consistency is a necessary and sufficient condition for the existence of a weak-order extension. This paper provides some remarks on collective choice rules that generate Suzumura consistent social preferences. We examine the properties of such collective choice rules by introducing a...

The purpose of this article is to investigate the properties of equilibrium in a market with a leader. In particular, we examine how the equilibrium values depend on existing competitors. When the number of competitors is exogenously given, most equilibrium values, including the leader’s...

This paper examines social choice theory with the strong Pareto principle. The notion of conditional decisiveness is introduced to clarify the underlying power structure behind strongly Paretian aggregation rules satisfying binary independence. We discuss the various degrees of social...

This paper aims to reexamine the axiom of the independence of irrelevant alternatives in the theory of social choice. A generalized notion of independence is introduced to clarify an informational requirement of binary independence which is usually imposed in the Arrovian framework. We...

This paper examines an extended framework of Arrovian social choice theory. We consider two classes of values: consequential values and non-consequential values. Each individual has a comprehensive preference based on the two. Non-consequential values are assumed to be homogeneous among...

The paper considers a cost-reducing investment by the public sector. We compare the investment in the public monopoly to that in the mixed oligopoly. Without specifications of the demand and cost functions, we show that the investment in the public monopoly is higher thanthat in the mixed...

This paper formulates a duopoly model in which firms care about relative profits as well as their own profits. Our purpose is to investigate the relationship between the weight of relative performance and R&D expenditure. We find a non-monotone relationship between the weight of relative...